Analysts at Mizuho Securities see more trouble ahead for Coinbase Global Inc COIN as it continues to lose market share among crypto exchanges.

The Coinbase Analyst: Mizhuo analyst Dan Dolev lowered the price target on Coinbase stock from $45 to $42 and kept a "Neutral" rating.

The Coinbase Thesis: In a July 14 note to clients seen by Benzinga, Mizuho analysts led by Dolev drew attention to Coinbase’s declining trading volume over the last two quarters.

“Specifically, COIN's volume share averaged just 2.9% in July. This is down from an average of 3.6% in 2Q22...and 5.3% in 1Q22,” wrote Dolev. “This trend is problematic for COIN, in our opinion.”

In November, when Bitcoin BTC/USD was trading above $69,000, Coinbase ranked fourth among the top 30 crypto exchanges ranked by average daily trading volume. Coinbase now ranks 14^th, experiencing a steeper decline in trading activity than other crypto exchanges.

The U.S.-based crypto exchange had close to $7 billion in daily trading volume in November, which has been reduced to just $1.2 billion in July.

In light of this, Mizuho has lowered its quarterly and yearly revenue estimates for COIN below the street estimates.

See Also: HOW DOES COINBASE MAKE MONEY?

Coinbase Price Action: According to data from Benzinga Pro, COIN shares traded 0.90% higher after-hours. The stock is down 84% from its all-time high.